Rights issue
ADO Properties
Joint BookrunnerKempen & Co is pleased to announce that it acted as Joint Bookrunner in the successful €450 million capital increase of ADO Properties.
Transaction highlights
- The hard underwritten transaction comprised a total of 30.8m new shares, generating gross proceeds of c. €450 million
- Prior to commencement of the subscription period, the subscription price was set at €14.60 per share, representing a discount to TERP of 33.1%, and a subscription ratio of 5:12, i.e. five new shares for every twelve existing shares held
- Approximately 98% of the new shares were subscribed for during the subscription period, translating into one of the highest take-ups seen in recent rights issues across all sectors
- The remaining 744,941 new shares were placed in a rump placement which yielded a multiple times covered orderbook and pricing at €24.50 which is at par with the pre-placement closing price on 20 July 2020; allocations were skewed towards specialist real estate and long-term investors
- ADO Properties’ share price has performed strongly since announcement of the details of its rights issue, closing c. 17% higher by the end of the day of the rump placement (22 July 2020) compared to the theoretical ex-rights price based on the closing price prior to announcement of the rights issue terms on 02 July 2020
- The deal further exemplifies Kempen & Co’s strong relationship with ADO Properties and its shareholders, having advised in leading position on all of ADO Properties’ capital increases since its initial public offering in 2014 and having organised various virtual roadshow meetings between ADO Properties and investors during the subscription period
- In 2020 year to date, Kempen & Co has successfully executed 15 equity capital market transactions
Background of the capital increase
- On 15 December 2019, ADO Properties announced an all share voluntary tender offer for ADLER Real Estate, acquired a minority stake in Consus Real Estate while entering into a call option to acquire control of Consus Real Estate and announced its intention to launch a c. €500 million rights issue in connection with the acquisition of ADLER Real Estate. The acquisition of ADLER Real Estate was completed in April 2020
- On 29 June 2020, ADO Properties announced the exercise of the call option to acquire control of Consus Real Estate, a leading development platform with significant growth potential in the Top-7 German cities. Subsequently, a voluntary tender offer is expected to be launched in due course for all remaining outstanding shares of Consus Real Estate
- In the acquisitions of ADLER Real Estate as well as Consus Real Estate, Kempen & Co is acting as Financial Adviser to ADO Properties
Company description
ADO Properties specialises and focuses on the purchase, management and development of income producing multi-family real estate and is a top-five residential real estate company in Germany based on a gross asset value of approximately €8.6bn at 31 March 2020. In April 2020, ADO Properties combined its business with ADLER Real Estate, focusing on becoming a leading integrated residential property group active throughout Germany. ADO Properties creates value by active portfolio and property management, and growth through strategic acquisitions.
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